Today, though, all--or at least most--of the questions surrounding the PSP2 are expected to be answered at a Tokyo press conference being held by Sony. Though ostensibly just a briefing on the company's "business overview and strategy," the event is widely believed to be the first public unveiling for the handheld, which is rumored to be set for release by year's end.

Along with many other members of the worldwide press, GameSpot is in attendance at the event, and will be live-blogging Sony's announcements.

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[9:50] We're here in a basement ballroom of the Prince Park Hotel in Tokyo for the PlayStation Meeting 2011. There's a hefty throng of Japanese, US, and European press all settling in along with broad sampling of developer and publisher reps.

[9:53] We're getting messages over the PA from staff offering helpful pointers on seating, smoking (don't), and letting us know things are set to kick off momentarily.

[9:56] While the crowd is waiting, there is all sorts of debating going on amongst the attendees on what we're going to see. Sample: "This has to be the phone!" "No, I believe that will come later."

[10:04] We're almost at go time now.

[10:05] The staff just let us know the conference will be in Japanese so us foreign folks need our earpieces.

[10:06] Things are about to kick off momentarily from the sound of it. Disco lighting is being dialed down and the club tunes are starting to crescendo.

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[10:31] This is supported by five concepts: Revolutionary user interface, social connectivity, location-based entertainment, convergence of real and virtual worlds, and PlayStation Suite compatibility.

[10:32] We throw to video: Hipster on the street morphs a ball from his hands that expands around him. Each of the spheres that come out of it is one of the pillars just mentioned.

[10:32] He's now moving around and using touch motions to shake people around, and an online ranking comes up with trophies.

[10:33] "Play life" is the phrase that pops up as people run around him and the camera pulls out to the globe.

[10:33] "The power is now in your hands" comes up as the globe turns into a flash of light.

[10:33] Hirai says he wants this to be the ultimate portable experience.

[10:35] Quick shots of this new device: It has brick form factor with a 5-inch OLED display that boasts 4x res of current PSPs. Touch pads on front and rear. Dual analog sticks. Front and rear camera. New game media--a flash-based memory card.

Did we mention dual analog sticks?

[10:36] It will also have 3G and Wi-Fi. Due out this holiday season.

[10:36] Shuhei Yoshida comes on stage to talk games on the Next Generation Portable.

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[10:44] Yoshida also shows how using the front touch panel can make Drake climb--just slide your finger onscreen to make Drake move.

[10:46] Now he's attacking an enemy, which he pushes off using the touch screen. Yoshida then shows how you can use the NGP's gyroscope to aim a rifle. "This provides a whole new Uncharted experience," he says before exiting.

[10:47] Hirai comes out to talk about the new user experience and calls out Nuneki Shimada, VP of software development.

[10:48] Hirai says the NGP's form factor, the super oval design, offers the highest level of operability of any portable console.

[10:48] Hirai notes the front and rear cameras, the back touch pad, and assorted sensors that track user movement.

[10:52] We see a playing field of green grass peppered with orange deviants--the deviants are the critters that cause trouble in the game.

[10:53] You'll use the touch pad to knock them about; the back touch pad is the same size as the 5-inch OLED display, allowing you to properly target when using the back touch pad.

[10:53] He shows how you can use the back and front touch pads to slingshot the creatures from back to front using the touch pad.

[10:54] Hirai is back to discuss the deep entertainment experience. NGP as a platform will support a social experience; Every game will have a feature called a live area that will offer the latest info on the games and publishers.

[10:55] The activity log will allow a new way to interact.

[10:55] The NGP interface is a collection of spheres that show games and other options.

[10:56] By tapping the Hot Shots Golf sphere, it fills the screen with info on the game, including a link to the PlayStation Store.

[10:57] Shimada taps a golf course item, showing that you can hop between the two.

[10:57] The Hot Shots sphere is made up of four panels: information, the game, the store, and tournaments.

[10:58] Hirai points out that this will provide a steady flow of information; Shimada agrees and says the live area will allow users to communicate in new ways.

[10:59] Shimada calls out how connecting to 3G will offer more communication options.

3G, Wi-Fi, and GPS--the NGP has them all.

[11:00] New topic: location-based entertainment.

[11:00] Oh, and NGP trophies were just confirmed by the official PlayStation Twitter.

[11:01] Location-based entertainment will be a basic service that will allow you to see who's playing what around you.

[11:02] A video is queued up to show someone walking around with an NGP in his bag. The video shows how the "near" application on the device tracks your movement. It's queued up showing up how you can trace your route. In addition to the location, you will see what the most popular games in the areas you were in were.

[11:03] The demo shows you user avatars around you; tapping one will let you see what they've been playing.

[11:03] You can also check out lists of games that are popular in specific areas. For example, Shimada shows Hot Shots Golf.

[11:04] Hirai is back with a new topic: converging real and virtual.

[11:05] The cameras on the device will play a part in this.

[11:05] Yoshida is back to show how this will work with a new game, and he then fires up Hot Shots Golf.

[11:06] He calls attention to the screen, waxing poetic on the detailed golf course with weather effects.

[11:07] Via the touch screen, Yoshida taps a character who waves back. He uses the touch panel to check his score and the course overview.

[11:09] He uses the touch screen to position his golfer. He touches an eye icon, which lets him tilt the device to look around the course. He eventually spins to an extreme close-up of his character's face.

[11:09] He looks down at a golf ball, using the touch screen to adjust its position.

[11:09] He then wraps up his tinkering and tees off with a button.

[11:10] Yoshida notes the NGP is equipped with the same internal gyro sensor as the PlayStation Move.

[11:11] Hirai is back noting the PlayStation Suite is compatible with the NGP; content that operates on smartphones will also work on the NGP.

[11:23] He says he's overwhelmed and doesn't know how to start, calling the hardware "flawless."

[11:24] He says developers tend to think of the technical elements of new hardware. He goes on to say that the use of 3G for new hardware is remarkable.

[11:24] He says that 3G was a request from users in Japan.

[11:24] He says he has something to show people, but he didn't have a lot of time to prepare for it.

[11:25] But it wouldn't be cool if he didn't show something, so he touts a version of the Yakuza zombie game running on the NGP hardware.

[11:25] He says it's possible to port PS3 games to the NGP.

[11:26] Nagoshi apologizes for not having more to show but says he's excited to develop something new for a network gaming experience.

[11:27] Hirai thanks him and calls out Akihiro Suzuki from Tecmo Koei games.

[11:27] Suzuki says he's pleased to be on board with the NGP and would like to leverage its various features to develop new titles.

[11:28] He says he'd like to showcase the touch-pad functionality and fires up footage of a new Dynasty Warriors game.

[11:29] In the demo, we see how the touch panel lets players target multiple enemies.

[11:30] The display shows the enemies being targeted, and then the fighter unleashes his attack against the targeted foes.

[11:31] The demo now shows how you can target specific points on an enemy. Swiping the screen also allows multiple enemies to be targeted.

[11:31] Suzuki says that they've just started tossing around ideas and experimenting.

[11:31] He feels they can develop a new title that is different from what they've done in the past.

[11:32] He closes with saying that the launch of the NGP will allow for titles to be ported to the NGP and leverage new features, allowing them to be reinvented and reborn.

[11:33] Hirai thanks Suzuki and calls out…Hideo Kojima.

[11:33] He is here to offer a future perspective.

[11:34] We see Old Snake being targeted and then see Otacon's bot come out. The two have a chat, which seems like an infomercial.

[11:34] Snake equips his eyepiece and looks around, and the sounds of battle close out the sequence.

Hideo Kojima has big plans for the NGP.

[11:35] Hojima notes that the demo used models from Metal Gear Solid 4 for the PlayStation 3.

[11:35] While it was only 20 frames a second, Kojima says if it were optimized, it would be a good fit for the NGP.

[11:36] Kojima notes that this isn't an announcement that MGS4 is coming to the NGP but rather to showcase its potential.

[11:37] He calls out how cloud computing can factor into the future, and that it will be possible to have a portable MGS experience relying on cloud computing.

[11:37] He says Peace Walker was an experiment in that direction.

[11:38] He says he wants to see connectivity to allow gamers to take the experience with them; that is, start a game on your PS3, move to your NGP, and then come back.

[11:39] Kojima says that this dream can come true, and that he's working on this particular dream…and will share it at E3.

[11:40] Hirai says he's looking forward to how Kojima is going to realize that dream.

[11:40] Hirai calls Tim Sweeney from Epic Games to the stage.

[11:40] He shows Unreal Engine 3 running on the NGP and says the platform is a game changer that can put a high-end console in your pocket.

[11:42] He shows off a large animated environment enhanced by weather effects and antialiasing made possible by the multicore GPU.

[11:42] He said it offers 4x the performance of any comparable platform, and as developers, they appreciate the efficient use of memory and system resources.

[11:43] He gives a quick demo of Dungeon Defenders, which was originally slated for the PS3 but moved to the NGP with minimal work.

[11:44] Sweeney calls out how the controls use the NGP's touch pads.

[11:44] Hirai says he looks forward to what Epic will offer and calls out Philip Earl from Activision to the stage.

Call of Duty is coming to the NGP.

[11:45] He's the executive vice president of the Call of Duty division.

[11:45] And quickly, he announces that Call of Duty is coming to the NGP and that it will set the bar for portable gaming.

[11:46] Hirai comes out and says COD on the NGP will be exciting.

[11:49] And, he also throws to a video of a huge scroll of developers on board.

[11:50] Hirai is closing up. He sums up the announcements and talks about how the PlayStation experience will cast a wide net for new users. He says that the NGP will revolutionize the portable game experience in your hand.

[11:50] Hirai thanks us for attending and closes out the meeting. Folks applaud and we're out--check back soon for more news from Sony's Tokyo press event.